Shiba Inu (SHIB) has recorded an impressive price increase exceeding 64% within the last six days, marking its strongest weekly performance since February 2024. This surge aligns with Bitcoin reaching new all-time highs and the overall cryptocurrency market capitalization nearing $2.915 trillion, approaching its previous record of $3.006 trillion from 2021.
What Resistance Is SHIB Facing?
At present, SHIB encounters a formidable resistance zone near $0.00002750. Despite a recent upward trend in price and volume, some traders have decided to take profits, leading to a brief pause in SHIB’s growth.
Could SHIB Reach $0.000046 Soon?
Following a peak at $0.00002804, Shiba Inu experienced notable profit-taking, reinforcing earlier resistance levels. Analyst Motion Man predicts that SHIB might test the $0.000046 mark with a potential 70% increase in the near future.
Recent statistics from Coingecko show a 255% rise in SHIB’s trading volume over the past day, indicating increased interest from market participants. Additionally, Coinalyze reports a 19.31% increase in open positions, suggesting that traders are leaning towards long positions in this popular meme coin.
- SHIB’s daily active addresses have reached an eight-month high, reflecting growing market engagement.
- Crossing the $0.000046 threshold could lead to a significant upward trajectory.
- Failure to break resistance might result in a decline to levels around $0.000015 or $0.000012.
The potential for continued upward momentum remains if SHIB can surpass its current resistance point, indicating a strong interest within the trading community as they keep a close watch on key price levels.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/shiba-inu-price-surges-significantly